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Land bank adopts disposition policy and 5/50 tax-waiver policy after extended debate on guardrails
Summary
Grand Rapids' land bank adopted new land-banking and disposition policies and a formal 5/50 tax-waiver policy to allow limited waiver of the first five years of the 50% tax capture when paired with Brownfield/TIF incentives; board asked staff to add clearer eligibility 'but‑for' criteria and monitoring provisions.
The Grand Rapids Land Bank on the morning of the meeting adopted a written disposition and land-banking policy and a formal procedure for waiving the 5/50 tax capture in limited cases, after sustained discussion about revenue impacts, community benefits and oversight.
Staff described the 5/50 policy as "the 5 50 tax waiver," explaining that when the land bank sells a parcel the land bank typically receives 50% of property taxes for the first five years and that the proposed policy would permit waiving that capture in narrowly defined cases to improve project feasibility. "It is the primary revenue mechanism for land banks throughout Michigan," staff said while reviewing the statutory background. Board…
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